Jeff Bezos, the CEO and founder of Amazon, purchases Washington Post
In a cash buyout that remarkably stayed under the radar until completion, Jeff Bezos, the CEO and founder of Amazon, has purchased The Washington Post for $250 million in cash. Bezos purchase includes The Washington Post and other newspaper assets owned by the company. An all-staff meeting at The Washington Post’s offices is where the announcement took place earlier today (Monday).
What makes the purchase unique is that Bezos is acquiring TWP as an individual, not by his company Amazon. In the official statement Bezos reads:
“I, along with Katharine Weymouth and our board of directors, decided to sell only after years of familiar newspaper-industry challenges made us wonder if there might be another owner who would be better for the Post (after a transaction that would be in the best interest of our shareholders),” Donald E. Graham, chairman and CEO of The Washington Post Company, said in a statement. “Jeff Bezos’ proven technology and business genius, his long-term approach and his personal decency make him a uniquely good new owner for the Post.”
Bezos promises that the values of the company will not change. “Our duty to readers will continue to be the heart of the Post, and I am very optimistic about the future,” he said. The current CEO and publisher, Katharine Weymouth, will remain as CEO. Also confirmed to stay on is Stephen P. Hills, president and general manager; Martin Baron, executive editor; and Fred Hiatt, editor of the Editorial Page. The extra properties included are (Express newspaper, The Gazette Newspapers, Southern Maryland Newspapers, Fairfax County Times, El Tiempo Latino and Greater Washington Publishing). Other publications like Slate, TheRoot.com and Foreign Policy will still be under The Washington Post, this includes WaPo Labs, SocialCode and smaller properties.
The official message to the staff of TWP is below.
more info: staff-letter